There’s great news for that most elusive of consumers — the house hunter with a golden credit rating and cash in the bank to buy a new home.
Home prices remain low, as supply exceeds demand across the U.S. In addition, the National Association of Realtors reports that pending U.S. home prices declined on a monthly basis by 5.5% in April (although home sales are up over April 2011).
The NAR’s chief economist, Lawrence Yun, implies that buyers may want to strike while the iron is hot — and prices are low. He says that the April numbers represent a short-term dip, and that the long-term fundamentals in the housing market are actually fairly sound if Congress and the White House can get their financial act together.